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ORDINANCE NO. AN ORDINANCE AUTHORIZING THE DEVELOPING AND IMPROVING OF THE MUNICIPAL FLYING FIELD ('AIRPORT) SERVING THE CITY OF BATESVILLE, ARKANSAS; AUTI3ORIZ- ING THE ISSUANCE OF GENERAL OBLIGATION AIRPORT IMPROVEMENT BONDS FOR THE PURPOSE OF FINANCING A PORTION OF THE COST TO THE CITY OF ACCOMPLISH - ING THE IMPROVEMENTS; LEVYING A TAX SUFFICIENT TO PAY THE PRINCIPAL OF AND INTEREST ON THE BONDS; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. WHEREAS, the City of Batesville, Arkansas ("City") is a city of the first class; and WHEREAS, by Ordinance No. 771 duly passed by the City Council of the City and approved on the 10th day of April, 1969, there was submitted to the qualified electors of the City the question of the issuance of $250,000 General Obligation Airport Improvement Bonds for the purpose of paying a portion of the cost to the City (it is contemplated that a portion of the cost of the proposed improvements will be paid from an agency of the United States of America) of developing and improving the municipal flying field (Airport) serving the City ("improvements"); and WHEREAS, due notice of the election was given as required by law and the election was duly held on the 20th day of May, 1969, at which election the electors approved the issuance of bonds for said purpose; and WHEREAS, the results of the election were announced by the Mayor by a Proclamation published the 23rd day of May, 1969, in a newspaper of bona fide circulation in the City; and WHEREAS, Notice of the Public Sale of the bonds was duly advertised for the time and in the manner required by law and the public sale was held on the 26th day of August, 1969, at which sale the best bid was that of Simmons First National Bank of Pine Bluff, Pine Bluff, Arkansas ("purchaser"), which bid was as follows: Par and accrued interest for bonds bearing interest at the rate of 5.92% per annum, and the bonds were sold to the purchaser for that price; and